May 19, 2016 – Myanmar and Indian business leaders will meet this week in an effort to bolster economic ties and hit an ambitious new target for bilateral trade.
Later today, India’s Minister of Commerce and Industry Ms Nirmala Sitharaman will lead the Myanmar-India Business Conclave, which is to focus on sharing experiences and discussing future cooperation, the Indian embassy said in a statement.
Despite sharing a long border and having historical and cultural links, trade and investment between the countries remains low, particularly relative to those between Myanmar and China.
India’s ambassador to Myanmar, Mr Gautam Mukhopadhaya, said business ties had languished for decades and his country is keen to rebuild the relationship.
It has set a target of increasing bilateral trade from current level of US$1 billion to $10 billion by 2020, he said.
Mukhopadhaya added that renewable energy will be a major focus at the meeting, but cooperation in IT, financial services, hotels and tourism, manufacturing, education, health and agriculture will also be discussed.
Senior officials from the State Bank of India, Tata Steel and the Confederation of Indian Industry will be present, along with high-profile local businesspeople from the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
A business matching session will be held at the UMFCCI on May 20.